Posted on
February 11, 2010
by
Don McNeill
With the HST upon us fairly soon, here is some legal information courtesy of Spagnuolo & Co Real Estate Lawyers.
HARMONIZED SALES TAX
HOW IT APPLIES TO RESIDENTIAL REAL ESTATE
GENERAL DISCUSSION
On July 23, 2009, British Columbia announced its plans to implement a Harmonized Sales Tax ("H.S.T.") for B.C. effective July 1, 2010. The H.S.T. is a combination of the 7% Provincial Sales Tax ("P.S.T.") with the 5% federal Goods and Services Tax ("G.S.T.") for a single sales tax rate of 12%.
For consumers, goods and services (with some exceptions) will be subject to the H.S.T. in the same manner as they are currently subject to GST. This applies to real estate as well.
For both used and new homes, there are some extra costs for buyers or sellers but these are for the services required to...
Posted on
January 23, 2010
by
Don McNeill
For immediate release: January 5, 2010
YEAR OF THE REAL ESTATE REBOUND FOR
FRASER VALLEY
(Surrey, BC) – Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in
December reflect the real estate story of 2009: recovery.
“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”
According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales,
1,260 compared to 508 in December 2008 , can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest...
Posted on
May 29, 2009
by
Don McNeill
Some great news.
For immediate release
BC Housing Market Stabilizing
Balanced markets emerging in Victoria, Vancouver and the Fraser Valley
Vancouver, BC –May 26, 2009.As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
“The majority of the decline in home prices has already occurred,” said Cameron...
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
